Financial Daily from THE HINDU group of publications
Thursday, May 12, 2005
Financial Daily from THE HINDU group of publications Thursday, May 12, 2005 |
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Corporate
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Mergers & Acquisitions Agro Tech board clears sale of equity stake in Advanta Finance BV Our Bureau
Hyderabad , May 11 THE board of directors of Agro Tech Foods Ltd (ATFL) has at its meeting on Wednesday approved the sale of investment in the equity shares of Advanta India Ltd in favour of the Netherlands-based Advanta Finance BV at a total consideration of Rs 28.81-crore. The company informed stock exchanges that the sale was subject to the signing of the sale and purchase agreement and ancillary agreements and such regulatory approvals as may be required by Advanta Finance BV for the acquisition of the equity shares. The company said its intention to disinvest in Advanta India Ltd was arising out of its business objectives and strategy going forward. The realisation from the sale would also unlock cash, reduce borrowings and further strengthen its balance sheet.
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